Bitcoin price corrected gains and tested the $42,650 zone. BTC is once again attempting another surge and is eyeing a move above the USD 43,750 resistance.
- Bitcoin found support above the $42,500 zone and started a new rise.
- The price is trading below $43,550 and the 100 hourly Simple Moving Average.
- A connecting bearish trendline is forming with resistance near $43,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could start a new rise if it overcomes the USD 43,750 and USD 44,300 resistance levels.
Bitcoin price holds steady
Bitcoin price failed to break the USD 44,300 resistance zone and started a downward correction. BTC fell below the USD 43,500 level, but the bulls were active above the USD 42,500 zone.
A low was formed near USD 42,860 and the price is now trying to make a new increase. There was a move above the USD 43,200 resistance zone. The price climbed above the 50% Fib retracement level of the downward move from the $44,429 swing high to the $42,680 low.
Bitcoin is still trading below $43,550 and the 100 hourly Simple Moving Average. A connecting bearish trendline is also forming with resistance around $43,600 on the hourly chart of the BTC/USD pair.
The trendline is close to the 61.8% Fib retracement level of the downward move from the $44,429 swing high to the $42,680 low. On the upside, immediate resistance is around the $43,550 level. The first major resistance occurs near the trend line.
Source: BTCUSD on TradingView.com
A close above the $43,600 resistance could mark a decent move towards the $44,300 level. The next major resistance could be near USD 45,000, above which BTC could rise towards the USD 46,500 level. Any further gains could send the price towards $47,200.
Another drop in BTC?
If Bitcoin fails to rise above the USD 43,600 resistance zone, it could start a new decline. The immediate downside support is near the $43,000 level.
The next major support is near $42,600. If there is a move below $42,600, there is a risk of more losses. In the mentioned case, the price could fall towards the $42,000 support in the short term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now approaching the 50 level.
Major support levels – USD 43,000, followed by USD 42,600.
Major resistance levels – $43,600, $44,000 and $44,300.
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